All Americans-including rural, white, and other communities-have benefited from the President’s focus on equity. īut an underappreciated aspect of these policies designed to support those often left behind by economic policy is the impact they have on all working-class Americans regardless of race. And the Black and Hispanic supplemental child poverty rates-which account for government benefits-reached their lowest levels since 2009.
From 2019 to 2022, median weekly earnings increased 4 percent for Black workers and 2.4 percent for Hispanic workers after accounting for inflation. To name just a few, both Black unemployment and the gap between Black and white unemployment recently reached their lowest levels on record. We have seen historic gains in employment and wages among Black and Hispanic workers, as well as on other key economic metrics. With Juneteenth approaching, this week’s TACRE meeting is an ideal time to take stock of our work to date.Īs I look back at the last two-and-a-half years of the Biden-Harris Administration, I am proud of the way our actions have advanced racial and economic equity, from the American Rescue Plan Act (ARP) enacted in the early days of the Administration to the ways we have implemented the Inflation Reduction Act (IRA) over the past few months. TACRE is comprised of 25 experts drawn from academia, business, nonprofits, philanthropy, and other fields who help the Treasury Department ensure we are thinking about how our policies impact racial equity and hold us accountable for the commitments we’ve made. This week, the Treasury Department will host the third meeting of the Treasury Advisory Committee on Racial Equity (TACRE). By: Deputy Secretary of the Treasury Wally Adeyemo
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